Home Depot shares: Q2 sales beat, fresh share buyback, traffic falls
Home Depot reported a smaller-than-expected fall in quarterly sales and issued a fresh share buyback, but foot traffic fell and customers downscaled projects. What do the shares tell us? asks IGTV financial analyst @AngelineOng.
(Video Transcript)
DIY drive falls
Now, Home Depot shares in focus. Before we get to that, let's show you the headline numbers. It reported a smaller-than-expected fall in quarterly same-store sales and also issued a fresh share buyback scheme.
This scheme has been welcomed by investors because it's a new $15 billion share buyback programme.
Small-scale projects more popular
Also, consumers are still choosing smaller-scale projects instead of rather large renovation projects that we saw after and during lockdown. Perhaps what's key, looking at the share price, is it's an all-sessions stock on IG, it's down 0.5%, so perhaps investors are paying more attention to its sales rather than that share buyback.
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